Ukrainian govt adopts Bitcoin as Nigerians, others lose accounts to Russian war

Ukrainian citizens are depending on cryptocurrency for financial transactions as many of the displaced residents, including Nigerians cannot access their accounts.

The United Nations said on Sunday at least 150,000 persons had fled Ukraine following last week’s invasion of the country by Russia, with many losing their accounts and credit cards.

In order to survive the financial crisis caused by the war, the refugees and the Ukrainian government are turning to Bitcoin and Ethereum for goods and services.

In a tweet on Saturday, the Ukrainian government said: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.”

READ ALSO: Bitcoin crashes as investors favour Gold amid Russia, Ukraine war

Since the announcement, the government has raised $4.9 million in cryptocurrency, with ethereum accounting for close to $3 million in donations and Bitcoin inching closer to $1million.

The co-founder of Ethereum, Vitalik Buterin, and FTX chief executive, Sam Bankman-Fried, have been offering their support to the Ukrainians with the end of the war not in sight.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *